Redemption amount question

rnewman83

Hi all,

I have recently applied for a remortgage through post office and provided the remortgage amount as shown on my redemption statement from Natwest based on a redemption on the 4th September.

Judging by the current delays associated with post office it is likely that at least 1 payment will have been taken from my current provider before completion and thus meaning the remortgage amount initially applied for is no longer correct.

So my question is how is this handled between the two parties and is it normal for this to happen?

Many Thanks

Thrugelmir

In simple terms. The solicitor handling the remortgage will obtain the funds from the new lender and settle the debt with the old lender. Any excess funds will be paid over to yourself.